The Securities and Exchange Commission of Pakistan (SECP) issued a public warning about ongoing fraudulent activity linked to the Barwaqt App, previously operated by Seedcred Financial Services Limited (SFSL), after reports that individuals are using social media to offer to remove or change SFSL-reported loan default records at credit bureaus in exchange for payment. SECP noted that SFSL is currently non-operational and that the Barwaqt App was delisted by SECP in August 2024. It stated that these offers are fraudulent and without legal authority, and reminded the public that under the Credit Bureau Act, 2015 only duly authorised members of credit bureaus can report loan status and related data, urging people not to pay unauthorised individuals or entities for such services.
Securites & Exchange Commission of Pakistan 2025-04-11
Securities and Exchange Commission of Pakistan warns public about Barwaqt App-linked scams offering to alter credit bureau loan default records
The Securities and Exchange Commission of Pakistan (SECP) warned about fraudulent activities involving the Barwaqt App, previously operated by Seedcred Financial Services Limited. SECP noted individuals falsely offer to alter SFSL-reported loan default records for payment, despite SFSL being non-operational and the app delisted in August 2024. The public is reminded that only authorised credit bureau members can report loan data under the Credit Bureau Act, 2015.